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P0 !`/ I O ['<YNOTE
<br /> Principal Amount: $300,000 Interest Rate: 5.25%
<br /> Term: 30 Years Loan Payment: $20,075.08
<br /> Loan Contract: #C153769 Date: D2 c.2m 6a.r 17, 1997
<br /> 1. FOR VALUE RECEIVED The Agricultural Ditch and Reservoir Company ("BORROWER") promises to pay the
<br /> State of Colorado Water Co servation Board("STATE"),the principal sum of$300,00 .00 with annual payments of
<br /> $20,075.08, based on the interest rate of 5.25% per annum on the outstanding pri la e for a term of 30
<br /> years,or until paid in fell,puihsuant to Loan Contract#C153769("LOAN CONTRACT")
<br /> 2. The first payment sh-II be l•ue one year from the date the STATE determ tle PROJEC ribed in the
<br /> LOAN CONTRACT has •een , bstantially completed, and annually thereaft e ' i al sum and any
<br /> accrued interest shall aye!.een paid in full.
<br /> 3. All payments receive• Sha, be applied first to accrued interest and then to the (retirement ' cipal.
<br /> Payments shall be m-de pt..able to the Colorado Water Conservation Board and mailed to 1313 Sherman Street,
<br /> Room 721, Denver, C•lora•• 80203.
<br /> 4. This Note may be pr=paid I whole or in partTy-timer-without premium or penalty, with prepayments applied
<br /> first to any accrued in erest.--nd then to reducg'pnncipal amount. Any partial prepayment shall not postpone
<br /> the due date of any s b--• -nt payments or change the amount of such payments.
<br /> 5. This Note is issued •, rsua to the LOAN CONTRACT between the STATE and the BORROWER. The LOAN CONTRACT
<br /> creates security inter=sts irk, -vor of the STATE to secure the prompt payment of all amounts which may become
<br /> due hereunder. The sec ' ty interests, evidenced by security agreements, assigrrments, and a deed of trust,
<br /> cover certain revenue.,a..•„unts and real property of the BORROWER. The LOAN CONTRACT,security agreements,
<br /> assignments and dee,, Of t st grant additional rights to the STATE, including the right to accelerate the maturity of
<br /> this Note in certain ev-nts.
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<br /> 6. If any payment of p ipali .r interest is not paid promptly when due or any default nder the LOAN CONTRACT or
<br /> the security agreeme ts,a$:ignments or deed of trust securing this Note occurs,the TATE may declare the entire
<br /> outstanding principal lalan•- of the Note,and all accrued interest, immediately due d payable,without notice or
<br /> demand,and the inde•ted ss shall bear interest at the rate of 15%per annum from the date of default.
<br /> 7. The BORROWER, any gua = tor, and any successor of the BORROWER who may hereafter become primarily or
<br /> secondarily liable for é li yment of this Note or any portion thereof hereby agree that if this Note or interest
<br /> thereon is not paid hen ue or suit is brought, then it shall pay all reasonable !costs of collection, including
<br /> reasonable attorney f-es. i the event of any bankruptcy or similar proceedings, costs of collection shall include
<br /> all costs and attome, fee incurred in connection with such proceedings, including the fees of counsel for
<br /> attendance at meetin•s of -•itors'committees or other committees.
<br /> 8. This Note shall be go em0 in all respects by the laws of the State of Colorado.
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<br /> BORROWER: The Agricul Ditch and Reservoir
<br /> Comps ,a Colorado '�•rofi corp tion
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<br /> SEAL � ; By ii �,, //.
<br /> I ' Walter S. elton, President
<br /> Attest: ,i
<br /> By ,-,t--0 '02,,,,„/------
<br /> Ga D. eander,Asst4 Secretary
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<br /> Appelndix 2 to Loan Contract C153769
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